Mutual, Oklahoma Property Taxes
The median property tax rate in Mutual, OK is 0.66%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Mutual at $116,664, the typical annual property tax bill is $720, significantly less than the national median of $2,690. Property taxes in Mutual are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mutual's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mutual or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mutual, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$770
Ownwell’s Mutual Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mutual with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mutual to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mutual, Oklahoma
Property taxes in Mutual, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mutual is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Mutual set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mutual estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Mutual's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73853 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Mutual provides valuable insights into the varying tax landscape across Woodward County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mutual Tax Rate
0.66%
Average Woodward County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mutual, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73853 | 0.38% | 0.51% | 0.66% | 0.85% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Mutual, Oklahoma
In Mutual, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Woodward County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Mutual, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Mutual is $116,664, with tax bills varying significantly. The 25th percentile tax bill is $449, while the 75th percentile tax bill is $1,194. The highest median tax bill in the area is $720 in the 73853 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mutual Assessed Value
$116,664
Average Woodward County Assessed Value
$96,888
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mutual, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73853 | $48,551 | $78,745 | $116,664 | $180,440 | $268,500 |
Source: Ownwell
Property Tax Bills Across Mutual, Oklahoma
In Mutual, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence this calculation, including property size, location, and any applicable exemptions. For a home in Mutual with a median price of $116,664, homeowners can expect to pay a property tax bill ranging from $449 at the 25th percentile to $1,194 at the 75th percentile, with the 90th percentile reaching up to $2,106. This variation reflects differences in property values and specific circumstances affecting each property. The median tax bill in Mutual is $720, which is lower than the national median property tax rate of 0.99%. Homeowners in Mutual benefit from relatively lower property taxes compared to the national average, making it an attractive area for those looking to manage their annual expenses while owning property.
Average Mutual Tax Bill
$720
Average Woodward County Tax Bill
$683
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mutual, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73853 | $274 | $449 | $720 | $1,194 | $2,106 |
Source: Ownwell